The service is a daily news feed of regulatory and compliance driven stories with a news archive of all regulatory issues affecting the sector prior to 31 October 2004 and 14 January 2005 plus access to FSA-approved versions of the rulebook for mortgage advisers and intermediaries, and the rulebook for general insurance business.
The price of a single annual subscription is £395 although this decreases in scale depending on the number of users in an organisation. Three months free subscriptions are being offered to Association of Mortgage Intemediaries (AMI) members.
Greg Kilminster, editorial director at Complinet, explained that intermediaries could benefit from having a resource which provides an easy-to-use online rules service including announcements of all regulatory changes and when they will take effect.
He said: “We hope that many of the networks will be interested in licensing the service to members to complement their own services and we believe the product will be of value to those intermediaries and IFAs who have chosen to be directly authorised.”
However Andy Pratt, chief operating officer at Alexander Hall, was sceptical. He said: “Larger brokers and networks already provide this kind of service internally so how many brokers will actually need this is debatable. I can only see it reaching the smaller end of the market. It may just be a case of jumping on the regulatory band wagon.”
